This invention relates to a collapsible lantern of the general type disclosed in U.S. Pat. Nos. 4,186,430, 4,520,431 and 4,646,213. In the lantern disclosed in U.S. Pat. No. 4,186,430, the globe slides vertically from a stored position within a surrounding housing to an elevated position for use. In the collapsible lantern disclosed in the latter two patents, the cylindrical transparent globe is also shifted vertically between an elevated position during use and a lower retracted position for storage. In the stored position, the globe surrounds the container of liquid fuel, and the globe is exposed to possible scratching or breakage. To protect the globe during storage and transporting, the lantern assembly is enclosed within a semi-rigid plastic container with removable end caps, as shown in FIG. 1 of the patents. In the elevated position, the globe is supported by a set of retractable spring stainless steel legs. However, the legs and plastic storage container add significantly to the total cost of the collapsible lantern.